Ventive Hospitality Ltd Q2 FY26 | Luxury Rooms, Bigger Loans & a ₹5,000 Crore Capex Buffet – India’s New Hotel Maharaja with 72x P/E Swagger

1. At a Glance

Welcome to the world ofVentive Hospitality Ltd (NSE: VENTIVE)— India’s freshly listed luxury hotel showstopper that has decided to marry five-star ambition with startup-level valuations. Trading at ₹720, the stock enjoys amarket cap of ₹16,823 crore, aP/E of 72.7, and the audacity of a company that thinks every room it builds deserves a royal markup.

InQ2 FY26 (ended Sept 2025), the company clockedrevenue of ₹489 croreandPAT of ₹64 crore, marking a193% YoY profit jump. Yes, you read that right — this is one of those rare quarters where even accountants smiled. Operating margin stood at a juicy39%, while consolidated TTM sales have surged to ₹2,229 crore with PAT at ₹288 crore.

ItsROCE at 11.7%looks decent, whileROE of 4.75%feels like the corporate equivalent of “main try kar raha hoon.” With adebt-to-equity ratio of 0.52, it isn’t overleveraged, but still carries a ₹2,578 crore debt hangover — possibly the most luxurious kind of financial headache.

Ventive’s business model combines hotel operations (~78%) and annuity assets (~22%), and it’s gunning todouble its room count from 2,000 to 4,000 keys. If ambition was a currency, this one’s already in the Forbes list.

2. Introduction

There are hotel companies — and then there’sVentive Hospitality, which walks into the Indian bourse wearing a tuxedo, sipping champagne, and announcing, “I’m the Marriott’s favorite landlord.”

Born in 2002, but reincarnated post-IPO in 2024, Ventive is aPanchshil Group-backed luxury hotel operator, rubbing shoulders with Marriott, Hilton, Minor Hotels, and Atmosphere. It’s a cocktail of five-star aspirations, 72x P/E valuation, and the kind of swagger that makes Indian Hotels and Chalet look like mid-budget staycations.

The company has come out swinging —IPO of ₹16,000 million (₹1,600 crore), repayment of ₹14,000 million debt using proceeds, and acquisitions likeHilton GoaandSoho House Indiaalready brewing. Management clearly skipped the “honeymoon phase” after listing and went straight into “expansion mode on steroids.”

In a country where most hotel stocks quietly rely on seasonality, Ventive seems to have built its business onluxury predictability— high ADR (₹20,769),RevPAR (₹13,293), andTRevPAR of ₹22,981— all screaming “premium positioning.”

But can this shiny hospitality unicorn sustain its margin fiesta without tripping over its own chandeliers? Let’s unpack that with a mix of data, drama, and some desi humour.

3. Business Model – WTF Do They Even Do?

At its core, Ventive Hospitality is not just a hotel chain — it’s ahospitality real estate empire wearing a tuxedo.

The company owns, develops, and manages high-end hotels, business resorts, and annuity assets. Essentially, they are the “house owners” while brands likeJW Marriott,The Ritz-Carlton,DoubleTree by Hilton, andAnantara Maldivesdo the heavy lifting of managing the stay. It’s a win-win deal: guests get fancy towels; Ventive gets recurring room rent and asset appreciation.

TheirIndia portfolio spans 1,521 keys, includingJW Marriott Pune,The Ritz-Carlton Pune, andCourtyard by Marriott Hinjewadi, while theinternational wing in the Maldives adds 515 keysunder luxury brands likeConradandAnantara.

Revenue splits confirm the diversification game —55% room rent,36% food & beverage, and9% othersfrom India;57% room rent,33% F&B, and10% othersinternationally.

Annuity assets (commercial leases, retail spaces) make up22% of total revenue, providing a stable buffer against the cyclical ups and downs of travel trends.

In short, Ventive is India’s ownhospitality landlord, and its expansion blueprint —from 2,000 keys to 4,000— will likely turn it into themost capital-intensive dreamer of the decade.

4. Financials Overview

Annualised EPS = ₹9.0 (2.25 × 4)→P/E ≈ 80xat ₹720 CMP.

So